Public sector lender, Canara Bank has reduced interest rate on its savings bank account by 50 basis points to 3.5 per cent on deposits of up to Rs 50 lakh. However, the bank will continue to pay 4 per cent interest on deposits of above Rs. 50 lakh. The new rates are effective from 1st September, 2017.

Canara bank has registered a significant increase in its lending to the micro, small and medium enterprises (MSMEs) post demonetisation. The bank has maintained a special focus towards MSME lending along with lending to the retail sector after the bank received increased cash deposits during the demonetization.

2017-08-07 :Canara Bank taps bond market with 400 mn dollar issue

As a part of its 2 billion dollar medium term note programme, Public sector lender, Canara Bank has stepped into the international bond market with a issue of 400 million dollar. The lender is likely to raise Rs. 2,600 crore through the sale of the bond issue, which will be drawn through its London branch and will be listed on the Singapore Stock Exchange. The foreign rating agency, Moody has assigned a Baa3 rating to this bond issue.

2017-07-29 :Canara Bank launches its first digital branch in Bengaluru

Canara Bank has announced the launch of its first ‘Digital Banking Branch’ at Spencer towers in MG Road, Bengaluru. The launched branch is titled as “CANDI” which intends to provide an end-to-end digital experience to its customers. Meanwhile, the bank has also installed an interactive touchscreen-based ‘Touch Banking’ to provide information about banking products including personal loan, home loan, education loan and gold loan.

2017-07-21 :Canara Bank reports net profit at Rs. 251 crore

Canara Bank has reported a significant growth in its net profit at Rs. 251 crore during the first quarter of FY18 as against Rs. 229 crore during the corresponding quarter of the previous fiscal year. As per the available data, the bank’s total income rose to Rs. 12,304 crore from Rs. 11,786 crore during the corresponding quarter of the previous fiscal year. Banks has managed to increase its profits on the back of strong growth in advances, better NPA management and reduction in proportion of high cost deposits.

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